Bitcoin price news: Could crypto commence new bull cycle?
Bitcoin’s (BTC) fortunes fluctuated during the last 12 months, with its value dropping from near $20,000 in December 2017, to lows of $3,360 (£2,634) almost a year later. The crypto market rallied a little in the last day, with the bitcoin price in particular rebounding above £2,881 ($3,700). Other crypto assets, including Ethereum and TRON also recorded significant gains on the day, rising by more than three percent against bitcoin.
It is indisputable that bitcoin has lost momentum on the markets and struggled to surpass targeted resistance levels in the $5,000 to $6,000 region. And where bitcoin goes, other cryptos typically follow, meaning the entire market has performed poorly against the US dollar in 2018. However, not to be deterred a supposed senior cryptocurrency analyst known only as Galaxy could demonstrate large gains this year, based on bitcoin’s historical price movement.
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And it is on this inductive reasoning that some analysts believe that the cryptocurrencies are in the last phase of the bear market and could show signs of green shoots in 2019’s second quarter. Willy Woo, the founder of the Woobull.com cryptocurrency investment firm, echoes this sentiment prior to late November’s bitcoin price drop. One thing is certain, for bitcoin and associated digital assets to bounce back, the market needs another period of revitalisation.
